A firm's average fixed cost when producing 2,000 units of output equals $10 . When only 1,000 units of output are produced:
a. AFC must still equal $10
b. AFC must equal $20.
c. AFC must equal $5.
d. marginal cost must equal $20.
b
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Vicki would be classified as
A) a voluntary part-time worker. B) unemployed. C) an involuntary part-time work. D) not in the labor force because she is a full-time student. E) a discouraged worker.
It is generally true that per capita GNP is:
a. negatively correlated with labor productivity. b. positively correlated with the standard of living. c. negatively correlated with the life expectancy rate. d. uncorrelated with the literacy level. e. positively correlated with the rate of population growth.
Faster economic growth imposes an opportunity cost in the form of
a. reduced current consumption. b. a larger capital stock. c. increased investment. d. increased future income.